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Twitter Accounts of Top Crypto Firms & Personalities has been hijacked

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The Twitter accounts of a major cryptocurrency entities both corporate and non-corporate have been hijacked by some unknown persons.

Attention was first drawn to a tweet by leading cryptocurrency exchange Binance saying it had partnered with CryptoForHealth and are giving back 5000 BTC to the community with a see more link – cryptoforhealth.com.

The hackers apparently also targeted other twitter accounts of crypto firms and individuals such as the CEO of Binance, CZ; the Founder of Tron, Justin Sun; CoinDesk, a leading crypto news portal, Bitfinex, Kucoin, Coinbase, Creator of Litecoin Charlie Lee, Gemini and other cryptocurrency firms and proponents not excluding the official Bitcoin Twitter account.

The hack appears to be a well orchestrated mission to quickly scam people of their money. While the website has been taken down already, the hackers are still on rampage.

The nature of the hack appears to be an exploitation of vulnerability on Twitter considering the ease at which the hackers are spreading from one account to another and using hijacked accounts to retweet their fraudulent posts from other hijacked accounts.

This sentiment is further shared by Mastering Bitcoin Author and a top Crypto Evangelilst Andreas who tweeted:

It seems like some Twitter API posting service has been compromised and being used to send out fake “giveaway” tweets from popular crypto/blockchain accounts. “CryptoForHealth” is a scam.  

No way are all these accounts unprotected by strong passwords and TOTP 2FA

https://twitter.com/aantonop/status/1283488435341328384?s=19

As of press time, the hackers have been able to generate over $10,000 in BTC from unsuspecting victims.

https://www.blockchain.com/btc/address/bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh

Image credit: Forbes

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PayPal to Develop Its Cryptocurrency Proficiencies by Partnering with Paxos

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This week ushered in rumours of a groundbreaking partnership between the digital payment joggernaut, Paypal,  and Stablecoin operator, Paxos.

It is projected that Paypal will see to the enablement of buying and selling using crypto through Paxos’ new brokerage service. What is yet to be ascertained is the cryptocurrencies that paypal will back up. 

Paxos had announced the launch of its cryptocurrency brokerage on the 15th of July 2020. This novel crypto brokerage empowers crypto firms to incorporate crypto trading features to their services.

This service may be accessed via a user-friendly application programming interface integration. It also oversees compliance to relevant regulations.

This move by Paypal into the crypto niche appears to be a huge breakthrough for the firm into the thriving and opportunities filled industry and a revalidation of the crypto sector.

Cointelegraph reports that Paypal was formerly a signatory to the Libra Association – the governing body for Facebook’s projected stablecoin. Unfortunately, due to massive criticisms from the media, general public and regulatory agencies, Paypal backed out from the association.

Recently, Paypal intimated the European Commission on some issues which indicates that the organization has plans to develop its own cryptocurrency competencies.

With this smart move, PayPal is up to compete with rival firms like Revolut, Square, and Robinhood in the Crypto trading space.

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PayPal to Develop Its Cryptocurrency Proficiencies by Partnering with Paxos

Published

on

This week ushered in rumours of a groundbreaking partnership between the digital payment joggernaut, Paypal,  and Stablecoin operator, Paxos.

It is projected that Paypal will see to the enablement of buying and selling using crypto through Paxos’ new brokerage service. What is yet to be ascertained is the cryptocurrencies that paypal will back up. 

Paxos had announced the launch of its cryptocurrency brokerage on the 15th of July 2020. This novel crypto brokerage empowers crypto firms to incorporate crypto trading features to their services.

This service may be accessed via a user-friendly application programming interface integration. It also oversees compliance to relevant regulations.

This move by Paypal into the crypto niche appears to be a huge breakthrough for the firm into the thriving and opportunities filled industry and a revalidation of the crypto sector.

Cointelegraph reports that Paypal was formerly a signatory to the Libra Association – the governing body for Facebook’s projected stablecoin. Unfortunately, due to massive criticisms from the media, general public and regulatory agencies, Paypal backed out from the association.

Recently, Paypal intimated the European Commission on some issues which indicates that the organization has plans to develop its own cryptocurrency competencies.

With this smart move, PayPal is up to compete with rival firms like Revolut, Square, and Robinhood in the Crypto trading space.

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Facebook, Twitter & Google Taken Faces Lawsuit Over Crypto Ad Ban 

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Facebook, Twitter & Google, the three of the most populous social media platforms on the internet are facing a class action lawsuit over the ban of crypto ads on their platform. 

The ban which was almost at the same time in 2018 was claimed by the plaintiffs to have harmed their businesses. 

The class action lawsuit is brought by the Australian based law firm JPB Liberty. According to the law firm,  the ban severely hurt the customers acquisition drive of businesses considering that the three social media firms ”control a very large percentage of the online advertising market”

Based on the Competition and Consumer Act – Section 45, Australia prohibits any “arrangements, understandings or concerted practices that have the purpose, effect or likely effect of substantially lessening competition in a market, even if that conduct does not meet the stricter definitions of other anti-competitive conduct such as cartels.”

The law firm explained that 

The class action will seek damages for worldwide losses of crypto industry members and investors. The announcements of the crypto ad ban by the respondents dropped crypto markets by hundreds of billions of dollars. Crypto exchange volumes also dropped by 60-90%.”

Reports has it that while the suit is currently having a claim worth $600 million, it could grow to $300 billion. The law firm is reportedly seeking for more claimants to join the suit from anywhere where across the globe who have a claim. 

This includes anyone holding cryptocurrency in 2018 from January 28 to December 31st or later. The law firm also revealed that creditors of Mt. Gox and owners of crypto businesses, exchanges, wallet providers, ICO projects, miners and advisors are also qualified. 

After the three social media giants announced their ban for crypto ads, the crypto markets saw an embarrassing decline in prices of cryptocurrencies with lots of funds raised by crypto firms becoming less than worth something tangible and useful and investors losing out of their investments. 

While this isn’t the first time lawsuit has been brought against the social media giants for crypto ban, investors could just be able to claim damages this time. 

Image credit: NDTV Gadgets

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Twitter Hack: Employees with Internal System Access were Social Engineered

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Following the massive level attack on Twitter resulting in hack of major Twitter accounts of personalities and firms of both crypto and non-crypto entitles, Twitter has revealed what could be the reason why the hackers were able to pull out their hack in what some Twitter users refer to as Money Heist 5 – in reference to the popular Netflix Show. 

According to Twitter, it detected what it believes to be a coordinated social engineering attack by the hackers who successfully targeted some of its employees with access to internal systems and tools. 

According to Twitter, immediately it became aware of the incident, it immediately locked down affected accounts and deleted the fraudulent tweets.  It also limited functionality for a large group of accounts especially those with the verified ticker and large followings and will restore access to original account owners only when it’s certain that it can safely do so. 

See  Twitter Hack & the Call for a  Decentralized Version of Twitter

Twitter said it’s continuing to fully investigate the breach. 

The gravity of the Twitter hack will become apparent in the coming days as revelations will be coming up on the extent of the hack as well as the possible societal impact of such a magnificent yet worrisome issue becomes commonplace. This is briefly exemplified by a Twitter user who posted saying “what if someone took control of two leaders’ accounts and started a war while all we could do was watch it”

See Twitter Accounts of Top Crypto Firms & Personalities has been hijacked

While a war may not be started by a simple tweet, it could spark a market dump if hijacked accounts were used to tweet negativity about a particular stock. 

The hackers have been able to scam lots of people up-to the tune of over $118,000 in BTC. The blockchain explorer shows the hackers have been able to transfer almost the entire balance in the wallet to a different wallet address. 

July 15th may just be known as the Twitter – CryptoForHealth scam day. 

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